New-York tribune., 1887-04-15
DRIVEN OUTor THE COMPANY
DIssENsIoNs IN THE MUTUAL FIRE.
SECRETARY ARMSTRONG DIsMIssKD-HE AND TUE

SECRETARY ARMSTRONG DIsMIssED-HE AND rue
PRI srDENr DID NOT AGREE.
Differences Of opinion as to the management Of
the Mutual Fire Insurance Company Of this city
yesterday led to the dismissal of the secretary
Philander Is. Armstrong, by the Board Of Trustees
William f. X. Mills, formerly secretary Of tie
Irving Fire Insurance Company now defunct
was elected to fill the vaCancy. The Mutuaf
Company is, as its name implies, mutual con-
Germ, and not joint stock concern. The President
is George l.. Whitman, of the drygoods commits
sion house Of Whitman g. Phelps. The trustees
include William c. Browning, of Browning, King
& Co. S. NJ Millilen, of Deering, Alillikcn Co.:
Eugene Kelly, Of Eugene Kelly & Co.. Gecrge {.
Clarke, Of Teift. W cllcr Co.; John F. Plummer,
Of John F. Pummer q Co.. S. II. Lesher, OF
Lesher, Whitman g. Co. William H. Lee, of Lee,
1weedy & Co., and others well known in business
circles in this city. Firms in Boston, Baltimore,
Cincinnati and other cities represented on the
Board Of Trustees.
MIR. Arms rong was for many years connected
with fire insurance interests in Cincinnati. In
1880 he came to this city and began the work 6f
organizing the Mutual Company. 1t was finally
organized on June 10, 1882, 100000 being pifa
in In premiums, for which the subscribers received
receipts bearing six per cent interest. No divi-
dends in cash were declared, but the profits were
and these bear six Tcr cent interest. On july I,
1886, the date of the last annual rspor, the COM
pany had received in premiums sI,2s1,5O so.
1he iosses incurred during the same time were
S392,l53 ID. The expense of management he's
been slS6,762 % making total OF S51s,9I5 So,
or 45.17 per cent Of the total premiums received
The first president was William A. Wheclock. lie
was succeeded by f. A. Moen.
In October, 1885, owing to dss ,nsions in the
Board Of Trustees and dfferenc, Of opinion as
to the management Of the company between tho
president and Mr.. Armstrong. the latter was re-
moved but two weeks later he rcinstated. In
the following January Mr.. Mocn d opped and
George l.. Whitman elected president. On
that oc aston Mr.. Whitmans and Mr.. Armstrong;
friends combined and the Moen party were over
come Before the year was out there were differ
ences between Mr.. Whitman and Mr.. Armstrong.
1he secretary thought that the president shouId
i've his whole time to the company lie an
nosinced himself as candidate for the presidency.
but before the day Of election withdrew, and Mr.
Whitman was reelected president and Mr.. Arm.
strong egaln chosen secretary. Since theb
the differences between the two officers have
grown until it was apparent that one or the
other must leave the company.
Mr.. Armstrong occupies handsomely furnished
arartments in the Hoffman Arms, an apartment
house at Madison-ave. and Fifty ninth st. Iis
said last evening to TRIBUNE reporter:
think have hardly used by the trustees organ
lied and have given 10 than four
OF hard faithful intelligent work have bnllt the
than any other company tho United States considering
the amount capital and risks at stake knew that my
removal contemplated, and read to-day before tho
hoard for obectng to such proceed
ing The put ward for my removal were that
had aspred presidency and that deposited In
toward which our president was not favorable be.
lieved that practical underwater should he at tho
head OF the company and he should devote his entire
time the company. within four months President Whit
man has called a collateral loan OF $4,000 which
interest and deposited In bank where
only cent The treason assigned, for this was
president could not shod TO give the time necessary
to the exchanges In colateais Another charge vas
tho company. This deny. IL vas also charged that WAS
outside business requiring much OF attention.
all OF energies TO this II is Al
legged made enough out OF the company
be practically Independent Of my salary have devoted
and attention 70 the company from November 5
or an average Of s43l9 40 year. II had noe
had and had taken the Incident
and scrip assignments aud made profitable
would have been to-day geDeet
pauper profits OF the companys business for the
our months Amounted IN round figures TO
sGO0OJO My compensation has been less than per cent
and than threcf0urths Of tis blsness
brought by personal solicitations. Ny compensatoz
has than cent OF the net premiums Hwe
The fact that certain
of tho have made OF the company and wish 10
the profits OF my business tact and hard work.